Mr. Mark Carney is expected by voters and the Liberal Party to lead Canada through a series of current challenges.
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| Mr. Mark Carney will soon become Prime Minister of Canada. (Source: Getty Images) |
On March 9, the 59-year-old politician won an overwhelming victory in the election for the Liberal Party's president with 85.9% of the vote, paving the way for him to become Prime Minister Justin Trudeau's successor.
Previously, Mr. Trudeau announced his resignation on January 6 after a long period of pressure both inside and outside the party for not being able to thoroughly solve the country's challenges. Can the former Governor of the Bank of Canada meet the people's expectations?
Exceptions and heretics
If we only look at the Prime Minister-elect’s experience in the finance and banking sector, the answer would certainly be yes. Mr. Carney graduated with a BA in Economics from Harvard University (USA), a PhD in Economics from Oxford University (UK) and worked for 13 years in the financial sector in London, Tokyo, New York and Toronto. Before entering politics, he held important positions at Goldman Sachs Group (USA), then served as Deputy Governor (2003) and Governor of the Bank of Canada (2008-2013).
Thanks to his efforts to help Canada mitigate the impact of the 2008 global financial crisis, he was appointed Governor of the Bank of England in 2013, becoming the first foreigner to lead the institution in more than three centuries, with nearly eight years in the post.
A remarkable outlier in the banking and finance industry, Carney remains an outsider in politics. He is once again the first Canadian prime minister to have never held any public office. His tenure as the UN Special Envoy for Climate Action and Finance (2019–2024) is too short to convince hard-nosed Liberal voters and members that he has the credentials and experience to lead Canada through the current series of “turbulent waters.”
Hardship
A key task is to consolidate internal unity and restore voters' confidence in the Liberal government. Immediately after the victory, Mark Carney declared: "We know this is a pivotal moment for the country. We are coming together to serve the Canadian people."
But to do so, he must overcome pressure from the opposition Conservative Party. After months of being trailed by double digits, the Liberals are slowly regaining support in the face of a challenge from the United States. Liberals believe that Mr. Carney will call an early election to gain control of the House of Commons, which will allow him to push through the necessary policies.
Another major challenge for Canada today is maintaining stability and growth. According to Economist Intelligence (UK), the world's 10th largest economy with a GDP of 2.14 trillion USD (2024) still recorded a high unemployment rate this year, only improving since December, while GDP per capita decreased for six consecutive quarters until the third quarter of 2024. In January 2025, Andrew Grantham, chief economist of the Canadian Imperial Bank of Commerce, commented that the economy was in a moderate state, not really optimistic, especially with the risk of tariffs from the US.
But that was two months ago. Now, the Trump administration’s tariff pressure on Canada is more present than ever. On March 12, the 25% tariff on aluminum and steel imported into the United States officially took effect, severely affecting Canada, the leading exporter of steel and aluminum to the US, with 6.5 million tons and 3 million m3 (2024) respectively. After Canada responded with similar tariffs on some US products such as milk, butter, cheese, and some measures from the state of Ontario on imported electricity from its neighbor, trade tensions may be even more intense.
Strong start
Faced with that situation, although not yet officially Prime Minister, Mr. Mark Carney has made tough moves. He is ready to confront the US, from the 25% tariff to President Trump's controversial statement about turning Canada into the "51st state" of the US. Affirming his resolute stance, he declared: "There are people who want to weaken our economy, attack Canadian workers, families and businesses. We cannot let them succeed... My government will maintain tariffs (with the US) until they show respect."
On relations with India, another important partner, Mr. Carney has been more subdued: “Canada is working to diversify its trade relations with like-minded countries, and there is an opportunity to rebuild relations with India.” Bilateral relations nosedived in September 2023 after Mr. Trudeau accused New Delhi of involvement in the death of Hardeep Singh Nijjar, whom India considers a terrorist. However, Mr. Carney has so far not expressed a clear position on the Russia-Ukraine conflict.
Since his election, Mr. Carney has proposed a plan to boost economic growth and lower housing prices, focusing on increasing spending to solve the real estate problem, promoting the use of clean energy and reducing trade dependence on the United States. At the same time, he has pledged to limit the number of immigrants, bringing the reception level back to pre-pandemic trends - a controversial issue in Canada. However, he has not provided a specific roadmap for this policy. It is not difficult to see that becoming Prime Minister of Canada is just the beginning of a long and difficult journey for Mr. Mark Carney.
“In a situation like this, you need to have experience in crisis management and negotiation skills,” the politician said in a debate last month. “I know how to handle a crisis.” Now it’s up to him to demonstrate those qualities to the Liberal Party and millions of Canadian voters in the months ahead.
Source: https://baoquocte.vn/canada-co-lanh-dao-moi-lua-thu-vang-307407.html
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